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U.S. Crypto Stocks Surge in Pre-Market Trading as Bitcoin Tops $100K
MARA Holdings climbed on completing an $850 million offering of a zero-coupon convertible senior note.
Dec 5, 2024, 12:43 p.m.
What to know:
- As bitcoin jumped over $100,000, crypto-related stocks climbed in pre-market trading.
- Semler Scientific rallied more than 7% while MicroStrategy and MARA Holdings both gained 6%.
- IREN and Hut 8 find new ways to increase shareholder value, gaining before the open.
The analyst who wrote this piece owns shares of MicroStrategy (MSTR) and Semler Scientific (SMLR).
Crypto-related equities jumped before the U.S. market open after bitcoin broke through the $100,000 psychological barrier, adding 4% in 24 hours.
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Medical device company Semler Scientific (SMLR) led gains, adding more than 7% and approaching $70 a share. The company holds 1,570 BTC, according to bitcointreasuries.net.
Self-described bitcoin development company MicroStrategy (MSTR), with 402,100 BTC, is up over 6.5%. It holds the most bitcoin among all publicly listed companies.
MARA Holdings (MARA), with the second-largest stash, also rose more than 6%. The bitcoin miner completed an $850 million offering of a zero-coupon convertible senior note due in 2031. The proceeds will primarily go towards acquiring bitcoin and repurchasing existing notes due 2026.
Other miners also rose.
IREN (IREN) added 4.6%. It plans to offer a $300 million convertible senior note due 2030, with an additional $45 million option. The proceeds will go toward funding capped call transactions, a prepaid forward share purchase, and general corporate purchases.
Hut 8, up almost 7%, announced a $500 million at-the-market (ATM) offering and a $250 million stock repurchase program to support growth and shareholder returns, including buying bitcoin as a reserve asset.
Crypto exchange Coinbase (COIN) gained 4.4%.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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